Write only the letters$\mathrm{.}1.$ Once the Minister grants approval to a contract, a covered entity can enter into anagreement that commits government for more than one $(1)$ financial year.a$.$ Trueb. Falsec. Not sure$2.$ A covered entity may commit to invest in a project only after expert $\_\_\_\_\_\_\_\_\_\_\_\_\_$ hasbeen completed and $\_\_\_\_\_\_\_\_\_\_$and $\_\_\_\_\_\_\_\_$ are established.a$.$ Justification, Budget, Fundsb. Value for Money, Consultant, Contractorc. Assessment, Justification, Efficiencyd. None of the above$3.$ Custody and management of assets is governed by the following excepta. The Principal Spending Officer is responsible for the assets of the institutionb. The Estate Manager is responsible for the assets of the institution and shall ensurethat proper control systems exist for the custody and management of the assets.c$.$ The Principal Spending Officer must maintain a register of all assets including landsand buildings as well as all other assets under his or her control or possession.d$.$ The Minister may by Legislative Instrument$($s$)$ delegate powers of deletion anddisposal of government assets to the Principal Spending Officer of a covered entity,State Owned Enterprise or a Public Corporation$\mathrm{.}4.$ Apart from the PFM Act, which of the following laws governs deletion and disposal ofassets.a$.$ Public Procurement Act, $2003($Act $663)$ as Amended with $($Act $914)$b$.$ Internal Audit Agency Act, $2003($Act $658)$c$.$ Civil Service Act, $1993($P$.$N$.$D$.$C$.$L$.327)$d$.$ Constitution of the Republic of Ghana, $19925.$ Which of the following is done first when government wants to dispose off assets.a$.$ Auction the assetsb. Form Board of Surveyc. Report on Auctiond. Report on Board of Survey$6.$ A Principal Spending Officer is required to prepare and submit $\_\_\_\_\_\_\_$financialstatements to the Controller and Accountant$-$General.a$.$ Monthlyb. Yearlyc. Quarterlyd. Weekly via the GIFMIS$7.$ The Head of the Internal Audit Unit shall report administratively and functionally to theAudit Committee of that covered entity.a$.$ Trueb. Falsec. Not sure$8.$ The Internal Auditor of a covered entity shall, within $30$ days after the beginning of thefinancial year, submit an annual audit work plan to the following excepta. The Principal Spending Officerb. Audit Committeec. Internal Audit Agencyd. Head of the Civil Service$9.$ An Internal Auditor can unilaterally take action$/$investigate a principal Spending Officerwhen s$/$he suspects fraud or misuse of public funds.a$.$ Trueb. Falsec. Not sure$10.$ For the purpose of $86(1)(2)$ of the Act on the establishment of an Audit Committee, theMinister shall, by Regulations, specifya. the number of Audit Committees to be established in each sectorb$.$ the funding of Audit Committeesc. the procedure for meetings of an Audit Committeed. all of the abovee. none of the above$11.$ An Audit Committee consists of how many members?a$.$ Tenb. Eightc. Sevend. Five$12.$ Majority of members of the Audit Committee shall bea. Independentb. Femalec. Government appointeesd. Sector Ministry staffe. None of the above$13.$ The Principal Account Holder is required by law to nominate majority of the members onthe Audit Committee.a$.$ Trueb. Falsec. Not sure$14.$ A loss or deficit in public funds that has been advanced to or is under the control of apublic officer as well as loss or damage to public property under care of a public officershall be dealt with using thea. administrative systemsb. the administrative systems or courtsc. Ghana Audit Serviced. the courtse. none of the above$15.$ The objective of the law which regulates financial management in the Civil Service is to:a$.$ Prevent corruptionb. Regulate financial management at the Presidencyc. Regulate financial management in the Public Sectord. Keep the President and his appointees in check$16.$ The Minister in the Act refers to all Ministers appointed by the President.a$.$ Trueb. False$17.$ The Principal Spending Officer is required to perform the following excepta. Ensure the regularity and proper use of money appropriatedb. Authorize commitments within Budget ceilingc. Manage the resources received, held or disposed of by or on account of a coveredentityd. Coordinate the preparation of the fiscal strategy, budget estimates and appropriationbill$18.$ Rules governing commitment of approved budget does not include one of the followinga. Commitment should be based on quarterly warrantsb. A Principal Spending Officer shall not commit government unless authorized underthe Act.c$.$ Contracts shall be approved by the Principal Spending Officer onlyd. Records must be kept of all financial commitments$19.$ Only the Principal Account Holder is responsible to Parliament for performance offunctions related to implementation of fiscal policies.a$.$ Trueb. False$20.$ Which of the following is not part of the guidelines for preparation of annual budgetaccording to Section $20(1)$ of the Act.a$.$ The Minister issues guidelines for the preparation of the budget for each financialyear subject to Cabinet approval.b$.$ The Minister issues guidelines for the preparation of the budget for the next four$(4)$years subject to Cabinet approvalc. The Minister shall circulate copies of the guidelines to each covered entity not later than $30$th of june of every year